20 Steps to Buying a Home

steps, stairs, up

Step 1 - 20 to buying a home

  1. Agent finds property to sell – either by canvassing properties; or via multi-agent sales networks; or by a direct approach from the owner to an estate agent
  2. Agent secures written mandate from the owner to sell the property in return for a commission 
  3. Agent obtains a mandatory written and signed condition disclosure from owner – legally required (Property Practitioners Act)
  4. Agent estimates the value of property and advises the owner regarding a realistic asking price
  5. Agent finds willing and able buyers – by using property portals, media advertising and show houses (pre Covid)
  6. Buyer views property
  7. Buyer is counselled by agent regarding both the owners mandatory condition disclosure and the professional home inspection option – both of these steps are legally required of the agent by the Property Practitioners Act
  8. A bank, other finance provider, or bond originator does credit checks on buyer and determines the maximum loan finance available to the buyer from bank. 
  9. Buyer assesses affordability, in respect of cash deposit on hand and bond finance available, and makes an offer to purchase (OTP) the property
  10. Agent negotiates price and contract details with buyer and seller
  11. Agent finalises sales contract (contract usually subject to bond confirmation and could also, at the buyer’s discretion,  be subject to a satisfactory home inspection)
  12. Bank determines the collateral value of the property – either via a visit to property by a valuer appointed by the bank, or by a desktop valuation.
  13. Buyer receives home inspection report and confirmation by bank of availability of sufficient loan finance and the sale contract is confirmed
  14. Bank usually also makes its loan offer subject to the buyer obtaining adequate homeowner’s insurance cover
  15. A conveyancer attorney is instructed by seller (agent) to attend to transfer
  16. The conveyancer attorney receives confirmation of bond finance from the bank’s attorneys and the cash balance of the sale price from the buyer; together with:
    • Electrical CoC arranged by agent (for seller) – paid by seller
    • Wood destroying (beetle) certificate arranged by agent (for seller) – paid by seller
    • Plumbing CoC (including hot water geyser) arranged by agent (for seller) – paid by seller
    • Gas CoC arranged by agent (for seller), if the property has a gas installation – paid by seller
    • Electric fence CoC arranged by agent (for seller), if the property has an electric fence installation – paid by seller
  17. An attorney (instructed by bank) arranges for the bank’s bond to be registered on the title deeds of the property  -bank attorney’s services paid for by buyer
  18. The conveyancer attorney (instructed by seller) registers the transfer of ownership with the Deeds Office – attorney’s services paid for by buyer
  19. Agent receives commission from conveyancer attorney and the property owner (seller) receives the net balance of the sale price
  20. Buyer (new owner) takes occupation of the property.

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